October 2024 showed a notable increase in mortgage searches, indicating strong market activity.
- Purchase mortgage searches were up by 2.9% compared to September 2024, leading the way in market growth.
- Remortgage and buy-to-let searches also experienced rises, with buy-to-let purchases seeing an 18.37% year-on-year increase.
- The first-time buyer segment was particularly active, with searches increasing by 5.38% from the previous month.
- The first half of October was marked by record-setting product availability, though numbers fell towards the month’s end.
In October 2024, the mortgage market demonstrated sustained growth, with purchase mortgage searches rising by 2.9% from September, according to data released by Twenty7tec. This upswing suggests increased confidence among buyers, likely driven by current economic conditions and mortgage rate expectations.
The search activity in the buy-to-let sector saw significant gains, with purchase searches climbing by 18.37% compared to October 2023, showcasing robust investor interest. Although remortgage searches remained unchanged on a monthly basis, they witnessed a year-on-year jump of 9.52%.
The first-time buyer domain was particularly buoyant, recording a 5.38% rise in searches from September and a notable 9.99% from the same period last year. This indicates a replenishing demand fueled by potential opportunities in the housing market.
The availability of mortgage products saw an intriguing trend; the market initially experienced a proliferation of options but contracted towards the end of the month. Nathan Reilly of Twenty7tec noted that there was a significant fall of 1.93% in available products by month-end, marking the first decline since June 2023.
In contrast to the active start of the month, the latter half was characterised by a reluctance among borrowers and lenders to commit, as they awaited key financial announcements such as the Bank of England’s rate decision. During this period, the total volume of ESIS documents, crucial for mortgage finalisation, was notably reduced.
The mortgage market’s performance in October suggests a dynamic and fluctuating environment, poised for further developments in the coming months.
